General Atlantic reinvests in Authentic Brands Group; Carlyle and Stellex close Titan deal

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General Atlantic reinvests in Authentic Brands Group; Carlyle and Stellex close Titan deal

Good morning, dealmakers. MK Flynn here with today’s Wire.

There’s news this morning about a couple of significant transactions:

General Atlantic just announced a follow-on investment in Authentic Brands Group.

And Caryle and Stellex have closed their deal for Titan.

But in general, deals are harder to close these days, and private equity firms are focusing on value creation more than ever. BDO is out with a survey that reflects the current sentiments.

We’ve got the details on those stories, below, plus a Pride Month interview with Inovia Capital’s Michael McGraw.

Bend it like Beckham

General Atlantic has made a $500 million follow-on investment in New York-based Authentic Brands Group, a global brand owner, marketing and entertainment platform, reports Iris Doriban.

Subscribers to the premium version of the Wire may read all about the deal here.

Positive trajectory

Carlyle and Stellex Capital Management have completed the sale of Titan Acquisition Holdings, a bi-coastal specialist in ship repair services and marine and heavy complex fabrication, to an affiliate of Lone Star Funds.

Subscribers may learn more here.

Value creation

Private equity firms are “prioritizing organic value creation amid challenging financing conditions and rising asset prices,” finds BDO’s 2023 Private Capital Survey, published this week.

Subscribe to the premium version of the Wire to learn more.

Pride Month

The second installment in our series elevating the voices of members of the LGBTQ+ community features Michael McGraw, a principal at Montreal-headquartered Inovia Capital. McGraw is based in the firm’s London office and was interviewed by PE Hub Europe’s Nina Lindholm.

Subscribers may read the interview here.

That’s all for today.

Obey Martin Manayiti will be back tomorrow with Friday’s Wire, and I’ll see you on Monday.

All the best,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

With a greater regulatory burden and investor expectations for speedy data requests, private equity firms are collaborating with admins to co-source operations. (Private Funds CFO)
Debt ceiling bill averted default but didn’t do much for US infrastructure: While renewables were spared curbs in Texas, recent legislation in the state and nationally underwhelmed investors. (Infrastructure Investor)
Brookfield Asset Management is the largest manager of private markets impact capital, according to the 2023 edition of New Private Markets‘ Impact 50.
A global survey of Germany-based manager Patrizia’s investor clients reveals a stark drop-off in the proportion of respondents intending to expand real estate’s weighting in their portfolios. Over the next five years, only 17 percent are looking to increase their allocation to the asset class, down from 61 percent in the firm’s 2022 survey. (Private Equity Real Estate)
Hybrid financing – a strategy for all seasons: Apollo executives discuss hybrid value as Jason Scheir is named co-head of department alongside Rob Ruberton. (Private Debt Investors)
Schroders Capital has emerged as the lead backer of a continuation fund involving Volpi Capital, three months after Secondaries Investor reported the manager was running a process on its debut fund. (Secondaries Investor)
HSBC Asset Management has closed its third secondaries transaction involving moving private equity exposure into a closed-ended vehicle. (Secondaries Investor)